More Investment Powers Sought
NAFCU urged NCUA to expand the investment powers for federal credit unions under the latest round of regulatory relief.
NAFCU asked the NCUA Board, which expanded FCU investment powers earlier this year with an allowance to buy commercial mortgage backed securities, to look at several other areas where credit unions could invest safely and profitably, including other asset-backed securities, commercial paper, small business-related securities, CMO residuals, and mortgage servicing rights.
NAFCU also suggested that NCUA expand its new TIPs charter by allowing multiple common bond credit unions to use the new trade, industry or profession FOM.
NCUA is reviewing its regulations for potential cutbacks under the Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA.